Buy OMG Network: Here’s the backstory of why people buy OMG crypto. With a name like OMG, this crypto would seem like a memecoin. However, it isn’t. OMG isn’t a short version of “Oh my God!” But it is a shortened version of Omisego, its former name.
OMG aims to revolutionise how we transact and interact with digital assets. So let’s talk about OMG, and the OMG network.
OMG, formerly known as OmiseGo, is more than just a cryptocurrency. It serves as the native token of the OMG Network, a non-custodial, layer-2 scaling solution built on the Ethereum blockchain. Here’s what it is used for.
The OMG Network addresses one of Ethereum’s major pain points — scalability. By using a Plasma sidechain, it enables faster and more cost-effective transactions for both ETH and ERC20 tokens compared to the Ethereum mainnet.
Unlike traditional financial systems that rely on intermediaries, the OMG Network operates in a permissionless and trustless manner. Users can move assets directly from one blockchain to another without intermediaries like banks, making it a game-changer for cross-border transactions.
Founded by Jun Hasegawa, the OMG Network aims to create a seamless bridge between the crypto world and real-world applications. Hasegawa’s vision centres around financial inclusion and accessibility, making OMG a project with a purpose.
To expand more on this idea of financial inclusion, here is some background information as to what problems OMG Network aims to solve. The OMG Network isn’t just about speed and cost savings.
In many parts of the world, there are individuals who lack access to traditional banking services.
This could be people in rural or remote areas with limited physical bank branches. And, those without official identification or credit history. Or even just low-income households. Plus, small business owners and entrepreneurs who need to access credit in order to grow.
Traditional banks often require extensive paperwork, physical presence, and credit checks.
High fees, minimum balance requirements, and geographical limitations exclude many from participating in the formal financial system. Lack of access to loans, savings accounts, and secure payment methods hinders economic growth and financial stability.
By expanding its network and integrating with electronic wallets, the founders of OMG Network aim to provide inclusive financial services. (While this isn’t the main thrust of the network, this is what media tends to emphasise.)
OMG Network can enable digital identity solutions, allowing individuals without official documents to participate. This is through decentralised identifiers (DIDs) and verifiable credentials, people can prove their identity securely.
The network facilitates low-cost transactions, reducing fees associated with traditional banking.
Users can send and receive money across borders without intermediaries.OMG Network could support microfinance initiatives. Small loans for entrepreneurs, farmers, or artisans can spur economic activity.
This is what the OMG Network is aiming for.
The network employs a PoS consensus mechanism, allowing users to stake their OMG tokens and participate in securing the network. This energy-efficient approach aligns with the broader trend toward sustainability in blockchain technology.
OMG’s architecture includes child chains, which can process transactions independently. These child chains are connected to the Ethereum mainnet, enhancing scalability while maintaining security.
With a circulating supply of 140 million OMG tokens, the network’s market cap stands at approximately $89 million (as at 17 April 2024).
As of the time of writing (April 17, 2024) the live price of OMG hovers around US$0.64.
You can check the real-time price at the top of this page 24/7.
In a world where speed, security, and accessibility matter, the OMG Network aims to provide all three. OMG wants to redefine how we transact in the digital age.
The total supply of OMG tokens stands at 25 million. These tokens play a crucial role in powering the OMG Network and facilitating seamless transactions.
The OMG Network conducted its ICO to raise funds for development. During the ICO, investors had the opportunity to acquire OMG tokens at an early stage, contributing to the project’s growth.
OMG operates as a layer-2 scaling solution on the Ethereum blockchain. It leverages Ethereum’s security while addressing scalability issues, making it an essential part of the broader crypto ecosystem.
As of 17 April 2024, the live price of OMG hovers around US$0.64. Check the top of this page for the live price of OMG. The 24-hour trading volume is US$16,684,108.
OMG tokens serve multiple purposes within the network.
Transaction Fees: Users pay transaction fees in OMG tokens when using the network.
Staking: OMG holders can stake their tokens to secure the network and earn rewards.
OMG Network underwent a rebranding process, transitioning from its previous name, Omisego. The change reflects the project’s evolution and renewed focus on scalability and usability inside the OMG network today. This is why investors buy OMG Network.
CoinJar’s digital currency exchange services are operated by CoinJar Australia Pty Ltd ACN 648 570 807, a registered digital currency exchange provider with AUSTRAC.
CoinJar Card is a prepaid Mastercard® issued by EML Payment Solutions Limited ABN 30 131 436 532 AFSL 404131 pursuant to license by Mastercard. CoinJar Australia Pty Ltd is an authorised representative of EML Payment Solutions Limited. We recommend you consider the Product Disclosure Statement and Target Market Determination before making any decision to acquire the product. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated.
Google Pay is a trademark of Google LLC. Apple Pay and Apple Watch are trademarks of Apple Inc.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.